Abacus Capital & Middleburg Acquire Camp North End Adjacent Site for 365-Unit Multifamily Development
Abacus Holds Media Day at Newly Renovated Courtyard at Hampton Station in Greenville
May 6, 2025
Abacus Capital (“Abacus”) and joint venture partner Middleburg (“Middleburg”) have acquired a 7.54-acre, two city-block site at 2426 North Graham Street in Charlotte’s North End submarket in an off-market transaction. The partners will develop the site into a new 365-unit, Class A multifamily community to be known as 28G.
The name references its location at the intersection of North Graham and 28th Streets, a mile from Uptown in the heart of Charlotte’s North End and directly across from the neighborhood’s anchor live-work-play destination, Camp North End.
“North End is one of the last submarkets in Charlotte’s urban core where a site of this size and scale could still be acquired and developed on a surface-parked basis,” said Wes McAdams, Managing Partner of Charlotte-based Abacus Capital. “With the vast majority of the proposed future supply in the neighborhood scripted to be structure-parked, 28G will be well positioned to compete on price, quality and value within its competitive set upon delivery.”
Upon completion, 28G will comprise 365 residences, including 246 one-bedroom and 88 two-bedroom apartment homes averaging approximately 892 square feet, together with 31 two-bedroom townhome units, across 12 buildings totaling approximately 325,592 rentable square feet. 28G is expected to deliver its first units in mid-2028, with construction completion anticipated in early 2029.
28G sits directly across from Camp North End, Jamestown’s 76-acre, 3-million-square-foot adaptive reuse campus and one of Charlotte’s most active live-work-play destinations, with office tenants including Google, Aon, Centene, Ally and Towne Bank alongside a growing roster of local retail and dining. The site is also less than a five-minute walk from a planned station on Charlotte’s future Red Line commuter rail, which will give North End its first direct transit access to Uptown.
“What already exists in this neighborhood is so exciting and we feel that we’ve only seen the tip of the iceberg. We couldn’t be more excited to be a part of Graham Street’s growth,” said Mason Ellerbe, Partner at Abacus Capital. “The team that has been put together around this project is truly best-in-class and we look forward to seeing it come together over the next couple years.”
“We’re thrilled to be developing 28G in our own backyard,” said Ross Macdonald, Head of Strategic Investments at Middleburg. “We’ve had a regional office here in Charlotte for years, and Charlotte is one of our core development markets. This is our second deal here this year, and we couldn’t be more excited to keep building in a city we know so well.”
28G is being developed by Abacus Capital and Middleburg. Middleburg Construction is also serving as general contractor. The project architect is BB+M, and the civil engineer is McAdams. Colony Construction Management will be the construction manager on the project. Middleburg Property Management will manage the community upon delivery.
ABOUT ABACUS CAPITAL
Abacus Capital is a multi-strategy tactical real estate opportunity investor focused on the acquisition and development of differentiated commercial real estate in growth markets across the southeastern United States. Recognized as one of the fastest-growing real estate investment managers in the Charlotte market, Abacus’ mission is to identify investment opportunities that we believe offer our partners and clients the most compelling risk-adjusted returns in dynamic capital markets environments. The principals of Abacus Capital have over 40 years and 20M square feet of commercial real estate investment and development experience with total capitalization in excess of $4.0B. Please visit www.abacuscapitalusa.com for more information.
ABOUT MIDDLEBURG
Middleburg is a national real estate investment, development, and construction firm that has completed more than $5.3 billion in transactions and delivered over 32,000 homes in the highest-growth markets across the United States since 2004. The firm operates through a fully integrated system spanning research, land acquisition, investment, development, construction, and property management — built to generate consistent, outsized, risk-adjusted returns and protect capital through all market cycles.
